Aegon has sold its UK individual protection book to Royal London to focus on its core activities, with the transaction set to complete in 2024, pending court approval.

Information on the Target

Aegon has announced the sale of its UK individual protection book to Royal London, a strategic move aimed at refining Aegon's focus on its core Retail and Workplace platform activities in the United Kingdom. This decision is part of Aegon's broader ambition to cultivate leading positions within its selected market segments.

The individual protection business, which Aegon UK manages, comprises a diverse portfolio of life, critical illness, and income protection policies. This portfolio serves approximately 400,000 high-net-worth individual customers and has been distributed through independent financial advisers. Notably, the portfolio is set to cease new business operations as of April 4, 2023, prior to the official transfer of ownership scheduled for 2024.

Industry Overview in the UK

The UK insurance market is one of the most developed in the world, characterized by a competitive landscape dominated by both mutual and proprietary companies. This sector is notable for its range of products, including life insurance,